The Double-Entry Accounting System Is the Basis of Accounting Systems

question 74

Multiple Choice

The double-entry accounting system is the basis of accounting systems

• A)worldwide.
• B)worldwide, except for the U.S.
• C)in the U.S.only
• D)neither internationally nor in the U.S.

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Definitions:

Accounts Payable

Liabilities of a business that are due to creditors within a short period, usually one year, and are to be paid in cash or other current assets.

Equipment

Tangible property used in the operations of a business not intended for sale, including machinery, computers, and furniture.

Cash

A form of currency that includes coins and paper bills.

Capital

The wealth in the form of money or other assets owned by a person or organization or available for purposes such as starting a company or investing.